Prada Buys Versace From Capri for Nearly $1.4B

4 months ago 34

Aaron Rennie

Thu, Apr 10, 2025, 7:12 AM 1 min read

Fashion conglomerate Capri Holdings (CPRI) has agreed to merchantability Italian luxury marque Versace to Prada for astir $1.4 billion, a woody that had been anticipated but reportedly had been astatine hazard of collapsing due to the fact that of marketplace turmoil successful the aftermath of President Donald Trump's tariffs.

Shares of Capri, the genitor of the Michael Kors and Jimmy Choo brands, had soared past week connected a Bloomberg report that Prada agreed to wage astir 1.5 cardinal euros ($1.6 billion) for the luxury clothier launched by Gianni Versace successful 1978.

Capri said Thursday that Prada has agreed to wage $1.375 cardinal successful cash, and that the woody is expected to adjacent successful the 2nd fractional of calendar 2025.

The Wall Street Journal had reported Wednesday that the deal's destiny "was uncertain due to the fact that Prada's namesake household inactive hadn't fixed its last approval." That support came Thursday morning, the WSJ aboriginal reported, citing radical acquainted with the matter.

Capri shares dropped astir 11% to $14.65 successful aboriginal trading Thursday. They were trading astatine much than $40 until a national justice blocked its $8.5 cardinal acquisition by Coach proprietor Tapestry (TPR).

Read the archetypal nonfiction connected Investopedia